12:03 PM EDT, 06/03/2025 (MT Newswires) -- Venture Global ( VG ) said Tuesday it started site work for its third liquefied natural gas export facility, CP2 LNG, after receiving final approvals from US regulators.

The Federal Energy Regulatory Commission granted the company approval and a notice to proceed, while the US Department of Energy authorized LNG exports to non-free trade agreement countries.

CP2 is designed to supply US LNG to global markets, including Europe and Japan. The project is expected to create about 3,000 new jobs in Louisiana, including 400 permanent positions at the facility, and generate more than $4 billion in local property tax revenue over its lifetime.

At peak construction, CP2 is expected to employ about 7,500 workers and support thousands more jobs across more than 30 states, the company said.

Shares of Venture Global ( VG ) surged more than 15% in recent trading.

Price: 13.60, Change: +1.80, Percent Change: +15.25